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GM Abandons Venezuelan Operations
General Motors Co. says it has abandoned operations in Venezuela after the government seized its local assembly plant and “illegally” confiscated other assets, including vehicles, on Tuesday.
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General Motors Co. says it has abandoned operations in Venezuela after the government seized its local assembly plant and “illegally” confiscated other assets, including vehicles, on Tuesday.
The company says it will continue to provide aftermarket parts and service for existing customers via its dealer network in Venezuela.
Like other carmakers, GM has been struggling to maintain a business under Venezuela’s precarious economy for more than a year. Fiat Chrysler automobiles, GM and Toyota all suspended operations there for several months early last year when access to U.S. dollars needed to buy imported components dried up.
The companies later resumed limited production under deals with the government that enabled car buyers to pay for the imported content of a new car in dollars and apply Venezuela bolivars to the cost of local production. But the industry's output has been running at a miniscule fraction of its normal volume.
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